Microscopic study

Ans. (i) Micro Economics is the micro scopic study of the economy.

(ii) Micro economics is concerned with the study of economic behaviour of individual units like households, firms, industries and markets. In other words, it makes microscopic or in-depth study of individual economic units and no the whole economic units.

(iii) According to Prof. Learner it is looking at the economy through microscope as it were to see the millions of cell in the body of economy, the individual study or households as consumer and individuals or firms or producers play their part in working of the whole economic organism.

(iv) In Micro Economics we attempt only a microscopic study of the national economy.